Latest news with #PaulStevens
Zawya
10 hours ago
- Business
- Zawya
South African Property in 2025: What Q1 reveals about the road ahead?
The South African property market began 2025 on a cautiously optimistic note. With inflation easing, interest rates holding steady with potential modest declines, and policy shifts making entry more affordable, the first quarter brought fresh energy into a market that showed resilience but little momentum in 2024. Drawing from Lightstone, BetterBond, and FNB data, Paul Stevens, CEO of Just Property, examines where the sector stands today and what we can expect from the rest of the year. A look back: the slow grind of 2024 Last year, the market was shaped by economic pressure and buyer hesitancy. The FNB House Price Index recorded just 0.3% year-on-year growth in October, down from 0.5% in September. Gauteng, the country's largest housing market, saw prices decline by 2.6%. Coastal areas in the Western Cape bucked the trend, buoyed by lingering semi-gration demand. Mortgage volumes began to pick up in Q4, with BetterBond noting a 6.6% year-on-year increase in applications and an 8.1% rise in home loans granted. Rental markets outperformed expectations. National average rent grew by 4.8% year on year in Q3 2024, with the Western Cape leading at 9.3%. Tenant affordability improved, arrears dropped to near-record lows, and average rent remained below 30% of household income. A fresh start: Q1 2025 insights Lightstone's Q1 2025 transfer data offers the clearest picture yet of post-pandemic market normalisation. The High Value segment (R700 000 – R1.5 million) accounted for the largest share of activity: 33.8% of volume and value. The Mid Value segment (R250 000 – R700 000) followed closely at 32.9% by volume, although its share of value was lower at 18.3%, reflecting affordability constraints. First-time buyers remained active in these bands, with 16.9% buying into the High Value category and 16.4% into the Mid Value range. Notably, average spend among first-time buyers was R1.2 million in the High Value band and R557 000 in the Mid Value band, showing a strong middle-market entry trend. A small portion also bought into the Luxury segment (R1.5 million – R3 million), with an average spend of R2.2 million. Regulatory shifts are supporting this momentum. From 1 April 2025, properties priced under R1.21 million were exempt from Transfer Duty Tax. This change, announced in the February Budget Speech, eases upfront costs for many buyers. Transfer Duty, effective from 1 April 2025 (Source: Sars) While the repo rate remained unchanged at 11% in the 20 March monetary policy announcement, the Deeds Office implemented a revised fee structure from 1 April, which includes a new lodgement fee (R50 per deed or document) and the requirement that all fees are now to be paid in advance. Looking ahead: opportunity in the details If inflation continues to slow, rate cuts may resume, enhancing affordability and spurring further buyer activity. Recent announcements from the United States regarding increased tariffs on a range of imported goods could have indirect consequences for the South African property market. Should these tariffs lead to disruptions in global supply chains or increased costs for building materials – particularly those with components sourced internationally – developers may face tighter margins and delayed project timelines. Higher input costs could also place upward pressure on the pricing of new residential and commercial builds, especially in the mid to high-end segments. Investors and developers would do well to monitor this closely, particularly if their projects rely on imported finishes, equipment or construction technologies. Here are my key takeouts for buyers, investors and developers: For first-time buyers: Properties under R1.21 million are now exempt from transfer duty, making this an ideal entry point. Consider the High Value segment for long-term appreciation, but factor in total transaction costs, including new deeds office fees. For investors: The rental market continues to perform well, particularly in the Western Cape. High demand, limited supply, and improved affordability create strong conditions for yield. Consider locations with low arrears and rising rent-to-income ratios. For developers: Keep an eye on supply chains for internationally sourced materials and fittings. Should costs increase, developers should see this as an opportunity to source new suppliers or revisit pricing structures. For commercial buyers: Industrial remains the most promising sector. Focus on logistics and light manufacturing hubs. Office property, while oversupplied, may offer long-term potential in niche or repositioned formats. For all buyers: Monitor inflation, interest rate decisions and potential policy shifts in the second half of 2025. These will shape affordability and investment timing. With Q1 providing a solid start and policy adjustments enhancing affordability, 2025 may be the year the South African property market transitions from recovery to renewed growth. Copyright © 2022 - All materials can be used freely, indicating the origin Provided by SyndiGate Media Inc. (
Yahoo
2 days ago
- Business
- Yahoo
Pullman Dubai Downtown introduces Roland-Garros Suite
Pullman Dubai Downtown, an Accor property in Dubai, UAE, has unveiled the first Roland-Garros Suite in the Middle East, offering guests a tennis experience. This initiative by ALL Accor's loyalty programme and booking platform allows visitors to experience the essence of the Paris Grand Slam in Dubai. Accor Middle East, Africa & Türkiye Premium, Midscale & Economy Division chief operating officer Paul Stevens said: 'Pullman Dubai Downtown is redefining what it means to 'stay in the game. 'Through our global partnership with Roland-Garros, we're proud to bring this iconic French sporting experience to the region. More than a themed stay, this collaboration celebrates culture and sport in the heart of Dubai, aligning with the UAE's vision to become a global hub for lifestyle, tourism, and innovation in hospitality.' The 93m2 suite at the Pullman property has been transformed to reflect the tennis tournament's tradition, available for a full year. The suite's design includes clay-court-textured walls, tennis-inspired artwork, and photography celebrating champions. It is equipped with a living room, dining area, pantry, and entertainment corner, and guests are greeted with branded towels, bathrobes, and a selection of themed treats. Pullman Dubai Downtown general manager Alexander Musch said: 'This suite is a first for the region. 'We've brought Roland-Garros to life through exclusive design, in-room experiences, and premium service. Whether you're a tennis lover, a design enthusiast, or a guest looking for something special, this is where Dubai meets Paris in the most dynamic way possible.' For those not staying in the suite but wishing to enjoy the Roland-Garros atmosphere, Pullman's Breadhouse Bistro & Bakery is screening the live tournament and offering a tailored menu. Pullman is a brand within Accor, which operates more than 5,600 properties in more than 110 countries. Earlier in 2025, Accor, Valor Hospitality Partners and Investment Corporation of Dubai (ICD) jointly introduced a six-hotel cluster at Dubai Deira Waterfront. "Pullman Dubai Downtown introduces Roland-Garros Suite" was originally created and published by Hotel Management Network, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Citizen
05-05-2025
- Business
- The Citizen
A guide for property buyers and sellers: This is why your estate agent asks so many questions
Under Fica, estate agents are obligated to establish and verify the identity of their clients before concluding financial transactions with them. When buying or selling property, estate agents usually ask many questions about your financial position. This can be headache for many people, however, there is a compelling reason why this is done. Paul Stevens, CEO of Just Property, said many people are puzzled when they realise how many personal details are required. But there is a clear reason behind the requests for identification documents, proof of address and financial records. ALSO READ: SA's six most popular provinces where people want to live Fica's role in the property sector The Financial Intelligence Centre Act (Fica) was introduced in July 2003 to fight financial crimes such as money laundering, tax evasion, terrorist activities and financing of weapons of mass destruction. 'How, you may ask, does this have anything to do with me buying or selling my property?' Stevens said that before the introduction of Fica, the real estate sector was susceptible to financial crimes, especially money laundering and terrorism financing risks, because criminals were able to use property transactions as a means to easily integrate illicit funds into the legal economy, while creating a safe and often lucrative investment for themselves. Documents needed when buying property He adds that under Fica, estate agents are obligated to establish and verify the identity of their clients before concluding financial transactions with them. 'This means that without Fica verification an agent may not accept a mandate from a seller, nor may they conclude a sale agreement. If they do not comply, then they face penalties and legal consequences.' Common documents requested: A certified copy of your ID document or passport to prove your identity. A utility bill – not older than three months – or lease agreement to confirm your residential address. Your tax number to prove you are registered with South African Revenue Services (Sars). Confirmation of your bank account. Proof of the source of funds to be used to finance the transaction. 'If you are self-employed or run your own business, you may have to supply the agent with supplementary information.' ALSO READ: More South Africans buying houses for less than R700k. Here's why Sharing of documents Stevens said that personal details of clients will be kept safe as estate agents are bound by strict confidentiality. 'Your documents will only be shared with necessary parties, such as the conveyancing attorney handling the sale of the property or the bank processing your bond.' He highlighted that in 2024, the Financial Intelligence Centre (FIC) updated its risk assessment guidelines for legal practitioners and estate agents, significantly expanding the risk factors estate agents must consider in property transactions. 'The revised guidelines, based on insights from the Financial Action Task Force and regulatory reports, outline 13 key risk indicators. 'These include clients refusing to provide identification, accepting third-party payments from jurisdictions with weak anti-money laundering controls, and tenants hesitating to grant agents access to rental properties.' Estate agents in Cape Town Stevens added that the Financial Action Task Force and regulatory reports also highlight the connection between financial crimes and high-value properties, emphasising geographic risks. 'For example, estate agents operating in affluent areas such as Franschhoek, Stellenbosch, Cape Town's Atlantic Seaboard and Constantia are advised to implement stricter measures to mitigate money laundering and terrorist financing risks.' In accordance with the above and with the rules set down by the Property Practitioners Regulatory Body (PPRA) and Fica, estate agents are obliged to report any suspicious or unusual transactions to FIC. 'Such transactions could include reluctance to provide information, unusual funding sources and transactions that appear to be above the client's means. 'Deposits paid by third parties and purchases made in the name of third parties are also red flags.' NOW READ: Thinking of buying your first home, here are five key issues to consider
Tourism Breaking News
01-05-2025
- Business
- Tourism Breaking News
TravTalk conducts panel on ‘Wellness and Celebratory Tourism'
Post Views: 94 SanJeet Director DDP Group moderated an insightful session titled, 'Wellness and celebratory tourism' with three industry experts at the Arabian Travel Market. Paul Stevens, COO, MEA and Turkiye for Accor Hotels and Resorts Management, Eddy Tannous – COO – Rotana Hotels and Kathryn Moore – Managing Director Spa Connectors joined in the panel discussion where it was shared the growth of the industry, the many revenue aspects surrounding this multi-billion dollar business which happens to still need a new interface in the age of discovery and to be relevant to the customers.
ME Construction
16-04-2025
- Business
- ME Construction
Accor, ICD and Valor Hospitality introduce six-hotel cluster in Deira Waterfront
Property Accor, ICD and Valor Hospitality introduce six-hotel cluster in Deira Waterfront By This expansion meets the growing need for mid-scale and economy hotels said a statement Accor, Valor Hospitality Partners and ICD (Investment Corporation of Dubai) have strengthened their partnership with the launch of a six-hotel cluster in Dubai Deira Waterfront as part of the Deira Enrichment Program. Accor operates over 290 properties in the Middle East across all its brands, with plans to expand further, adding +130 new addresses by 2028, said a statement from the firm. Valor Hospitality Partners will manage the responsibilities for the six-hotel cluster comprising 999 guest rooms. This includes three Accor properties under the ibis Styles, Aparthotel Adagio, and Mercure brands, along with three newly constructed properties that will be branded as Novotel, ibis Styles, and Mercure in Dubai. This expansion meets the growing need for mid-scale and economy hotels. It also expands Valor's management team in the UAE and shows Accor's commitment to being careful with money and operations. With a diversified portfolio, this partnership caters to distinct traveler needs, with Adagio meeting the demand of extended stays, Mercure delivering locally inspired experiences, ibis Styles providing design-driven affordability, and Novotel blending business and leisure, said a statement. 'Focusing on strategic, sustainable and exponential growth is the driving force of our partnership with ICD and its wholly owned property developer Ithra Dubai,' said Julien Bergue, Co-Founder & Managing Partner ME, AMEA at Valor Hospitality Partners. 'This intensifies our firm commitment to the UAE and Dubai Hospitality Sectors, both well known for their innovation and excellence. The project also reflects our belief in our new slogan 'A Whole World of Local' which underscores our dedication to being closely connected to our partners and communities in the UAE, the Middle East, and wherever we operate.' 'Strengthening our collaboration with ICD reaffirms our commitment to sustainable growth with trusted partners. By integrating these properties under the Accor umbrella, we are reinforcing our alignment with the UAE's vision to enhance tourism and hospitality infrastructure in key districts. This expansion also reflects the increasing demand for quality mid-scale and economy accommodations in Dubai, catering to a diverse range of travelers,' said Paul Stevens, Accor's Chief Operating Officer, Premium, Midscale & Economy brands for MEA. The partnership between Valor Hospitality Partners, ICD, and Accor exemplifies the synergy of global expertise and deep local market insights. By optimising financial performance and driving sustainable growth, this collaboration sets new benchmarks for Dubai's hospitality industry, ensuring each property thrives in its unique context. Aligned with the UAE's sustainability and economic goals, Accor and Valor Hospitality Partners integrates eco-conscious practices and community development throughout its operations. From resource conservation initiatives to skill development, Accor and Valor remain dedicated to fostering local talent and supporting national employment objectives. From acquisition advisory to innovative food and beverage concepts, Valor provides solutions that bridge the gap between tradition and modernity. Its approach spans hotel management, branded residences, asset management, branding, and luxury lifestyle services, including golf, spa, and fitness management, the statement concluded.
